Meaning of the word "retirement home" in English

What does "retirement home" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

retirement home

US /rɪˈtaɪərmənt hoʊm/
UK /rɪˈtaɪəmənt həʊm/

Noun

a place where elderly people can live and be cared for

Example:
My grandmother moved into a retirement home last year.
The new retirement home offers various activities for its residents.